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pricing your home

How to Price Your Home

The Right Price for Your Home

Perhaps the most crucial consideration in selling a house is the price you put out on the market for your property. This requires sound judgment to ensure that you are not over- or under-pricing your home.

So what is really the worth of your house?

Here are a few tips to answer this question objectively:

Conduct a market research

This is a very important step as this would lead you to make reasonable price range that would help in making a fast sale without putting up a very low price. Search through all the listings on houses that are sold in areas very similar to you.

Find an exact point of comparison – a house that is in a similar environment and consider the price range. Take into account the surrounding areas, the main roads and commercial complexes, the presence of cultural institutions, schools and offices. Make a point-by-point list of comparisons and find out the best price for your own home.

Market trends

Be aware of the changes happening around you when it comes to house-buying. Are the houses in your area being sold in upward trend or a downward trend? The economic stability determines more often than not the market trends for houses so evaluate economic reports, look at the unemployment rate, the ratio of buyers to sellers, and the likes. That way, you can create some options and adjustments as you weigh down the possible of these trends on the price of the house you are trying to sell.

Ask around

When you have done your market analysis, you can ask friends and people you personally know about the value of your house. With an objective mind, they can weigh down the real value of your house from their own perception and set their own reasonable price which you can consider when making a final decision.

Seek professional help

Find a reliable real estate agent and seek their advice. This is the time you can compare and verify your own market forecasts.

Be objective

Finally, make decisions as rational as possible. Sometimes it would help a great deal for you to set a sound price for your property if you forget its original price. You can then set as high a price as possible or as low as necessary for you to have the house sold without having to painstakingly wait for a long time.

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